USA – Lumi, a startup specializing in food and beverage packaging, has successfully closed its seed funding round to further strengthen its mission to combat single-use plastic pollution.
This investment round involved the participation of various investors, including Innovent Group, Hydra Group, and Responsibly Fund.
The company will utilize the proceeds from this round to launch full-scale production of LumiCup, a lightweight and endlessly recyclable aluminium cup.
The investment will further help Lumi expand its marketing and sales capabilities by increasing the brand’s visibility and enhancing customer acquisition efforts.
Another major focus for the company is to establish an inventory and increase its output to fulfill bulk orders.
Lumi co-founder and CEO, Kevin Diamond, said, “We launched Lumi in 2021 with a clear goal: to disrupt the current disposable beverage packaging industry and provide the world with an environmentally friendly and high-performing alternative to plastic cups.
“Today’s announcement is a testament to our persistence, years of meticulous design engineering, and the confidence of our investors.
“With ten million tonnes of single-use plastic waste generated by the 500 billion plastic cups sold worldwide each year, there is a strong and pressing demand for the change we are initiating.
“As we gear up, we are delighted to introduce LumiCups to a world that has been eagerly awaiting genuine sustainability in food and beverage packaging.”
With shipments to hospitality, entertainment, and travel & leisure consumers beginning in early 2024, the LumiCup is poised to disrupt the beverage packaging landscape with a truly environmentally conscious product. It will be available in 9 oz., 12 oz. and 16 oz. cup sizes, serving a wide range of cold beverages.
Its cutting-edge design will make the LumiCup the lightweight alternative to single-use plastic cups on the market, while also accommodating standard-size lids.
Many of the world’s largest hospitality enterprises, such as hotels, airlines, festivals, and specialty beverage chains, rely on single-use plastic cups for their lightweight convenience, affordability, and stackability.
Lumi is attracting considerable attention for its LumiCup product line due to its status as the top alternative for customers who want to enjoy the same benefits while reducing single-use plastic waste and achieving full curbside recyclability.
Meanwhile, in 2018, the startup raised US$9 million to establish a prototyping lab in Los Angeles and to further invest in software development at the 30-person company.
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